Updated: Dec 20, 2019
Verge was originally launched as Dogecoindark (a fork of Dogecoin) in January 2014 and was rebranded, in 2016. It is an open-source decentralized platform that facilitates anonymous transactions. Verge is an internationally developed open-source privacy coin, which is more economical and efficient than the Bitcoin. The Verge coin is known by its token symbol XVG. The maximum supply of XVG in the market is 16.5 billion coins as compared to Bitcoin’s cap of 21 million.
This guide will talk about the reason Verge was designed, the makers behind it, the way it works and its most popular applications.
What Is Verge Designed For?
The biggest selling point of Verge is the privacy it offers. It can be described as an anonymous and secure cryptocurrency. Its primary aim like any other cryptocurrency is to send and receive funds, and its ultimate goal is to become the global payments system.
Verge uses multiple networks like Tor and I2P to obfuscate the user’s data and IP addresses, making transactions secure and untraceable. An extra blanket of security is provided by building in both SSL encryption and TOR, into its Core QT wallet.
The main purpose behind the Verge is to afford the privacy that users crave. All online transactions can be traced right now. When you go shopping and pay by card, the bank knows the exact location where you shopped and the amount you spent.
Verge provides a solution to such blatant tracing. It offers anonymity by using Tor to encrypt data and hide the IP addresses of all transactions. Verge can be summarized as an anonymous centric decentralized platform for transactions. Similar to other cryptos, Verge is also an open blockchain that allows its users to be involved in its developments, improvements, and changes. Ultimate changes are made following the voting process.
Who Is the Team Behind Verge?
Verge was launched in January 2014 as Dogecoindark, by an anonymous founder known by the name of ‘Sunerok’. Sunerok was the acronym for Justin Sunerok. Justin is a software developer and network manager based out of Florida USA.
Verge is not a company and is operated and managed by its contributors, who are unpaid volunteers from its community base. There was no ICO held and no pre-mining took place upon its launch.
How Does Verge Work?
Verge is an everyday cryptocurrency designed to make everyday transactions anonymous and untraceable. It is a decentralized blockchain platform facilitating improved, efficient and economical transactions.
Its blockchain holds a transaction time of 30 seconds to process, compared to Bitcoin’s 10 minutes, hence, rendering Verge vastly more efficient in this regard. It uses Simple Payment Verification (SPV), which reduces its transaction time to 5 seconds. Moreover, the Verge coin (XVG) has more scalability and can process up to 100 transactions per second.
Though, Verge maintains a transparent ledger it also makes use of the anonymity tools TOR and I2P to encrypt data and hide the IP addresses of its users. I2P is a top-notch tunneling service that uses ipv6 to disguise all verge data transacted over the network. It incorporates five different Proof-of-Work main algorithms for mining, namely Scrypt, Lyra2rev2, Myr-groestl, X17, and Blake2s.
Verge’s next step to privacy is its Wraith Protocol. This completely hides all the information about the knowhow of the transactions.
The only things recorded are the amount going from A to B. This facilitates complete end-user identity concealment on the platform.
Verge has a funding mechanism that is completely dependent on its volunteers. No installation of any apps is required for its usage, and the Verge coins can both be received and sent over platforms like Telegram, Twitter and Discord.
What are Current and Future Applications of Verge?
Verge is a decentralized crypto coin platform that not only strives to put its user’s privacy on the forefront, but also manages to achieve its goal regarding the same. They have been pioneers in utilizing I2P and are the second in the crypto industry to have I2P nodes.
The world’s biggest pornography firm, MindGeek has entered into a partnership with Verge in April 2018. They include services like RedTube, YouPorn, and Pornhub.
Most of the popular outlets accept Verge as a form of payment. Some of these vendors are:
Nataku: This is an online gaming portal that allows users to buy games to play online and facilitates in-game purchases.
PexPepper: It is an online pepper, hot sauces, and rubs store based on Colorado.
WhaleApparel: Online apparel shop that specializes in crypto T-shirts.
NexWave: It is a Web hosting platform for small businesses.
Verge offers a host of benefits, ranging from chargeback fraud elimination to more efficient and economical transaction speeds and costs. It is easily accessible to start-up businesses to garner publicity and gain the blockchain technology experience. It is fundamentally a private cryptocurrency and has been able to fulfill its goal of being the same.